Ethiopian Ministry of Mines and Petroleum disclosed that Ethiopia is working on expanding modern mining operations so as to save the mining resource from extravagance.
Ethiopian Mines and Petroleum Minister, Samuel Hurkato told ENA, a state news agency that the country has been expanding modern operations and new procedures to sensibly use the non-renewable mining resource by reducing its exposition to extravagancy and corruption.
The Minister further said Ethiopia has introduced cadastral-based modern mining licensing and database system to promote investments in the sector.
The system enables investors to see different investment opportunities, to request for license from where they are living and to pay payments in simple and clear way, he stated.
The Cadastre System assures conducive environment for investment by building trust and creating closeness among the community, the companies and the government.
Moreover, Ethiopia is working on creating globally competitive mining investment framework and formalizing traditional mining system with reviewing mining operations, proclamations and regulations.
The newly operations enhances the sector to contribute its part in promoting foreign currency intake and in creating job opportunities, according to the minister.
The amended Proclamation to Regulate Transaction of Minerals including different regulations has also been put in implementation.
The Ministry pointed out that mining and petroleum policies will also come into effect within short period of time.